3 Family in Catskill

27 Replies

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $240,000
Cash invested: $28,000

3 family in the charming Village of Catskill. Just 2 blocks from Main Street, this beautiful Mansard Victorian makes the perfect Airbnb or high end rental.

What made you interested in investing in this type of deal?

I wanted to house hack and discovered this town while searching. There was a big margin between the purchase price to airbnb rental potential in this area. From day 1 my mortgage was covered by rent.

How did you find this deal and how did you negotiate it?

I found the deal on market and made an offer that made sense to me.

How did you finance this deal?

FHA financing. 7% down

How did you add value to the deal?

I have renovated much of the building so far. In the future I will finish 550 sf of space in the attic.

What was the outcome?

My airbnb income will be far higher than the mortgage and taxes

Lessons learned? Challenges?

Screen your tenants!!! Evicting tenants during a pandemic is a challenge

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was my own agent

Originally posted by @Jenny Douglas :

Hi, you guys! I own two investment properties in the village of Catskill. :) Maybe I can join you for coffee at Hilo? Would love to compare notes.

That would be great! I'm always up for meeting new people. 

Originally posted by @Jenny Douglas :

Hi, you guys! I own two investment properties in the village of Catskill. :) Maybe I can join you for coffee at Hilo? Would love to compare notes.

Do you manage it from a distance? I grew up there and would love to invest there, but after self managing my house hack for a year I really like the idea of hiring a property manager!

…and Maureen and I met up a few weeks ago at HiLo! Random proposal: any chance you all will be around on Friday, Sept 24th? I’ll be up from Brooklyn that afternoon for an overnight and could meet in catskill  anytime after 3 pm that day (or evening), or even the morning of Sat Sept 25th if that somehow worked better. Fingers crossed (and by all means meet without me if that gives you all more options for gathering). :)


Jenny

Originally posted by @Jenny Douglas :

…and Maureen and I met up a few weeks ago at HiLo! Random proposal: any chance you all will be around on Friday, Sept 24th? I’ll be up from Brooklyn that afternoon for an overnight and could meet in catskill  anytime after 3 pm that day (or evening), or even the morning of Sat Sept 25th if that somehow worked better. Fingers crossed (and by all means meet without me if that gives you all more options for gathering). :)


Jenny

Hey Jenny! As of right now, the 24th works for me...anytime after 3pm as well. I'm not available on the morning of the 25th, though. Would be nice if several of us could get together.

Originally posted by @Jenny Douglas :

Excellent! How about if we meet up at 5:30 pm on Sept 24th somewhere in Catskill? (I have yet to try Crossroads Brewery—would that be fun?) :))

 Thanks for suggesting! I'm currently investing in western Greene County, but was born and raised in Catskill, I should be able to make this time!

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